Gold price stumbles 0.37% on Monday courtesy of higher US Treasury bond yields.
US Factory Orders dropped less than estimates though market players ignored it.
Traders are eyeing the appearance of the US Federal Reserve Chair Jerome Powell at the US Congress.
Gold Price Analysis: Downward biased in the near term.
Gold price slides 0.26% or $3.00 a troy ounce in the North American session as UST bond yields recover some ground turning positive a headwind for the non-yielding metal. The US economic calendar ahead of next week’s Tuesday inflation figures would be busy, led by Fed speakers and employment data. At the time of typing, the XAU/USD exchanges hands at $1850.57 after hitting a daily high of $1858.33.
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